There are some clichés that, while obvious, bear repeating because they are so true. And this is especially relevant during these difficult times. The first is the old adage that “life goes on.” Those of us living in Ukraine who care about its future but are not on the frontlines will inevitably fall back on this saying.

However, even those who are raising money or simply volunteering to help the war effort are still doing something. It can seem selfish to be far from the frontlines making money at your job, but then we remember that working bolsters the tax base, which also supports the war effort. And our income allows us to continuously help our friends who are fighting and volunteering.

Why Real Estate?

The other cliché, which I often use as my answer to people who ask me “why real estate?,” is that everyone needs somewhere to live. The combination of these two truths motivated us and some of our investors to complete renovations we began before the war. Below is the story of one of those special projects.

The apartment in question did not start off as one of our typical investment case of a buyer wanting to purchase and refurbish properties to rent them out. In this case, our clients were planning to move to Ukraine with their two children and wanted a place for themselves.

These types of renovation projects involve much more interaction with owners because they have more specific preferences than your average rental tenant. Owners renovating for themselves are also willing to spend more on high-end finishes and touches than they would for a rental.

Renovation Amid War: A Special Project

This apartment is near St. Sophia Square, and it was only about 20% completed when the invasion began. Yet, after the smoke had cleared and the Russians retreated from the Kyiv region, this place emerged as a symbol of resistance. It would exemplify the mix of foreign support and Ukrainian resilience seen at every level over the past two years.

Six months after the invasion, our clients decided to continue with the renovation even though they would not be living there themselves. Believing in the future of Ukraine, they decided to shift toward the renovate-to-rent model. The 4-bedroom apartment was a big investment of time and money, which encouraged those of us living in Ukraine. This also meant that the many laborers and specialists on our work crews would be busy again.

Supporting the War Effort Through Work

Most of these workers now had friends and family in the military. Many had already spent much of their savings on food and equipment to help the Territorial Defense Forces during the occupation of the Kyiv region. These were crucial moments during the defense of Kyiv, as Russian forces attempted for over a month to gain a foothold around the capital. This was especially true in the north and west of the city, where many of our crew members live.

The Vestor Design team also contributed significant funds to our crew, allowing them to buy high-tech military equipment, as well as necessities like food and warm weather clothing. It was the least we could do.

Almost as soon the Russians withdrew from Kyiv region, we started to plan what to do next. Rental demand did not recover right away, so our Vestor pool of rental apartments was now 90% vacant, a sharp contrast to the 90% occupancy before the invasion. The stimulus to continue with frozen renovation projects did not return until summer of 2022, when rental demand began to pick up.

There was a growing confidence in Kyiv. People started to feel that, despite the turbulence, things were going to be okay, and I myself moved back to Kyiv full-time to work on rebuilding the business. I also wanted to show confidence to our owners and potential investors that not all was hopeless.

Adapting Investments to Changing Times

Our design team, all living in Europe at this point, were also keen to get back to work, albeit remotely. Enter our brave and loyal owners, who believe in Ukraine and in our team. They decided to push forward with the renovation in fall of 2022, when many around the world were still wondering how Ukraine still existed.

While the space still had the raw ‘bones’ that lay the foundation for any great apartment, the goal was to make it good while not spending too much on things that tenants wouldn’t value. Consequently, our goal was to be thrifty while still making the apartment shine.

As it were, another famous Ukrainian trait is to roll with the punches and make adjustments as needed to get things done, and the owners have these same attributes. They have great taste and a keen eye for what adds value and what doesn’t, quickly and smartly making the hundreds of smaller decisions that make the whole thing work.

The Challenges and Triumphs of Renovating During Conflict

Due to many workers now serving in the army or affected by the new “war economy,” the renovation took about twice as long as it would have before the invasion. The project experienced delays because of reduced supply of labor and availability of resources. But the determination and perseverance—two more infamous Ukrainian traits—of all the team members and workers involved saw the project through to completion.

And in the end we have a beautiful finished product that was made with care, made during war, and Made in Ukraine.

As we continue to rebuild and strengthen our communities through every brick, your support becomes more than just a contribution—it’s a statement. Whether it’s through investing or spreading the word, every action you take makes a difference.

Together, we can ensure that the resilience of Ukraine is more than just something to watch for the sidelines —it’s backed up by concrete actions.

If you have any questions or want to learn more about our renovation projects and how we’re supporting Ukraine, feel free to write to us. We’re here to help and share our story!